For the fourth quarter, RadNet reports Total Net Revenue ("Revenue") of $178.3 million and Adjusted EBITDA(1)of $31.9 million, increases of 11.9% and 30.0%, respectively, over the prior year's fourth quarter

Net Income for the fourth quarter was $0.03 per diluted share, compared to a Net Loss of $(0.10) per share in the fourth quarter of 2012 (excluding the one-time $55.9 million non-cash income tax benefit recognized in the fourth quarter of 2012)

For the fourth quarter of 2013, RadNet reported Revenue, Adjusted EBITDA(1) and Net Income of $178.3 million, $31.9 million and $1.2 million, respectively. Revenue increased $19.0 million (or 11.9%), Adjusted EBITDA(1) increased $7.3 million (or 30.0%) and Net Income increased $5.2 million over the fourth quarter of 2012 (excluding the $55.9 million non-cash income tax benefit recognized in the fourth quarter of 2012).

Net Income for the fourth quarter was $0.03 per diluted share, compared to a Net Loss of $(0.10) per share in the fourth quarter of 2012 (again adjusting for the $55.9 million non-cash income tax benefit recognized in the fourth quarter of 2012). These per share values are based upon a weighted average number of diluted shares outstanding of 39.6 million in the fourth quarter of 2013 and 38.3 million of basic shares outstanding in the fourth quarter of 2012.

Affecting Net Income in the fourth quarter of 2013 were certain non-cash expenses and non-recurring items including: $529,000 of non-cash employee stock compensation expense resulting from the vesting of certain options, warrants and restricted stock; $494,000 of severance paid in connection with headcount reductions related to cost savings initiatives; $675,000 loss on the disposal of certain capital equipment; and $1.2 million of amortization of deferred financing fees and discount on issuance of debt related to our existing credit facilities and 10 3/8% senior unsecured notes.

For the fourth quarter of 2013, as compared with the prior year's fourth quarter, MRI volume increased 16.8%, CT volume increased 5.0% and PET/CT volume decreased 4.7%. Overall volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 12.2% over the prior year's fourth quarter. On a same-center basis, including only those centers which were part of RadNet for both the fourth quarters of 2013 and 2012, MRI volume increased 5.5%, CT volume decreased 1.7% and PET/CT volume decreased 1.0%. Overall same-center volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 2.4% over the prior year's same quarter.

Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented "We are very pleased with our fourth quarter performance. As compared with the prior year's fourth quarter performance, we had significant increases in aggregate Revenue and Adjusted EBITDA(1) and same center revenue and procedural volumes. Although on a comparison basis we were benefited by the impact of Hurricane Sandy in 2012's fourth quarter, we experienced increasing volumes in the fourth quarter as compared to the prior quarters in 2013. While we cannot determine with certainty why volumes improved, we believe we may have benefited from the impact of increased procedures from patients in large-deductible health plans who sought to utilize medical services prior to these deductibles resetting in 2014. Also, we noted additional patient volume in our centers from those who were early enrollees in health exchanges under the Healthcare Reform Act. The strength of our 2013 fourth quarter provides us confidence about our business as we enter 2014."

Annual Report:

For full year 2013, the Company reported Revenue, Adjusted EBITDA(1) and Net Income of $703.0 million, $112.8 million and $2.1 million, respectively. Revenue increased $55.8 million (or 8.6%), Adjusted EBITDA(1) decreased $759,000 (or 0.7%) and Net Income decreased $2.5 million (excluding the $55.2 million non-cash income tax benefit recognized during 2012), respectively, from full year 2012 results. Net Income for 2013 was $0.05 per diluted share, compared to Net Income of $0.12 per diluted share in 2012 (based upon a weighted average number of diluted shares outstanding of 39.8 million and 39.2 million in 2013 and 2012, respectively and after excluding the $55.2 million non-cash income tax benefit recognized during 2012).

Affecting Net Income in 2013 were certain non-cash expenses and non-recurring items including: $2.6 million of non-cash employee stock compensation expense resulting from the vesting of certain options, warrants and restricted stock; $806,000 of severance paid in connection with headcount reductions related to cost savings initiatives; $1.0 million loss on the disposal of certain capital equipment; $2.1 million gain on the sale of imaging centers; and $4.6 million of amortization of deferred financing fees and discount on issuance of debt related to our existing credit facilities and 10 3/8% senior unsecured notes.

For the year ended December 31, 2013, as compared to 2012, MRI volume increased 12.2%, CT volume increased 1.2% and PET/CT volume decreased 2.4%. Overall volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 9.3% for the twelve months of 2013 over 2012.

Actual 2013 Results vs. 2013 Revised Guidance:

The following compares the Company's actual 2013 performance with previously announced revised guidance levels.

(b) Net of proceeds from the sale of equipment, imaging centers and joint venture interests.

(c) Defined by the Company as Adjusted EBITDA(1) less total capital expenditures and cash paid for interest.

Dr. Berger commented, "Our fourth quarter performance was stronger than that which was projected when we issued our revised full year 2013 guidance levels. As a result, we exceeded the high-end of our Revenue and EBITDA guidance levels. With respect to Free Cash Flow generation, I am also pleased that our actual results were at the top of our guidance range."

2014 Fiscal Year Guidance

For its 2014 fiscal year, RadNet announces its guidance ranges as follows:

(b) Net of proceeds from the sale of equipment, imaging centers and joint venture interests.

(c) Defined by the Company as Adjusted EBITDA(1) less total capital expenditures and cash paid for interest.

"As reflected in our 2014 guidance, we are optimistic about 2014. In December of last year, we announced a $20 million-$22 million negative impact to our 2014 revenue from the changes in the Medicare Physician Fee Schedule. In response to this, we launched a plan to eliminate $30 million of costs from our business. Our 2014 guidance reflects our confidence in achieving at least $20 million of these costs savings in 2014," added Dr. Berger.

Dr. Berger continued, "Our guidance also incorporates what we are projecting to be a soft first quarter in 2014 due to the unusually severe winter weather conditions that have existed in the northeastern part of the United States in January and February of this year."

Proposed Refinancing Transaction

The Company currently intends to pursue a refinancing of its 10 3/8% Senior Unsecured Notes due 2018. The proposed refinancing may include a tender offer for, or redemption of, the Company's senior unsecured notes, which would be replaced by new senior secured second lien term loan debt and additional indebtedness under the Company's senior secured first lien credit facility.

The potential refinancing transaction would be subject to negotiations with current lenders for the Company's senior secured debt and market and other conditions. As such, there can be no assurance that the Company will complete a refinancing transaction on terms that are favorable to the Company or its investors. The Company may engage from time to time in discussions with creditors of the Company and holders of the senior unsecured notes, as well as their respective advisors, as the Company pursues such potential refinancing transaction.

Mark Stolper, Executive Vice President and Chief Financial Officer of RadNet, commented "We have publicly discussed in recent quarters the possibility of lowering our cost of capital through refinancing our 10 3/8% Senior Unsecured Notes with less expensive capital. After having consulted with our investment banking advisors, we expect to launch a refinancing transaction designed to replace our Senior Unsecured Notes with a Second Lien Term Loan and additional borrowings under our existing credit facility, subject to market and other conditions. Our objective is to lower our cash interest obligations, provide us with additional operating flexibility and lengthen the maturity of our most junior debt capital. If successful, we currently expect to consummate a transaction in April."

There will also be simultaneous and archived webcasts available at http://public.viavid.com/index.php?id=108012 or http://www.radnet.com under the "Investors" menu section and "News Releases" sub-menu of the website. An archived replay of the call will also be available and can be accessed by dialing 877-870-5176 from the U.S., or 858-384-5517 for international callers, and using the passcode 2931150.

Regulation G: GAAP and Non-GAAP Financial Information

This release contains certain financial information not reported in accordance with GAAP. The Company uses both GAAP and non-GAAP metrics to measure its financial results. The Company believes that, in addition to GAAP metrics, these non-GAAP metrics assist the Company in measuring its cash-based performance. The Company believes this information is useful to investors and other interested parties because it removes unusual and nonrecurring charges that occur in the affected period and provides a basis for measuring the Company's financial condition against other quarters. Such information should not be considered as a substitute for any measures calculated in accordance with GAAP, and may not be comparable to other similarly titled measures of other companies. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Reconciliation of this information to the most comparable GAAP measures is included in this release in the tables which follow.

About RadNet, Inc.

RadNet, Inc. is the leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 250 owned and/or operated outpatient imaging centers. RadNet's core markets include California, Maryland, Delaware, New Jersey, New York and Rhode Island. Together with affiliated radiologists, and inclusive of full-time and per diem employees and technicians, RadNet has a total of approximately 6,300 employees. For more information, visit http://www.radnet.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Specifically, statements concerning successfully integrating the Company's acquired operations, successfully achieving 2014 financial guidance, achieving cost savings, successfully developing and integrating its information technology operations as well as new lines of business, continuing to grow its business by generating patient referrals and contracts with radiology practices, receiving third-party reimbursement for diagnostic imaging services and successfully completing its intended refinancing of its $200 million 10 3/8% senior unsecured notes are forward-looking statements within the meaning of the Safe Harbor. Forward-looking statements are based on management's current, preliminary expectations and are subject to risks and uncertainties, which may cause the Company's actual results to differ materially from the statements contained herein. Further information on potential risk factors that could affect RadNet's business and its financial results are detailed in its most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, especially guidance on future financial performance, which speak only as of the date they are made. RadNet undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made, or to reflect the occurrence of unanticipated events.

RADNET, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS EXCEPT SHARE DATA)

December 31,

December 31,

2013

2012

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$ 8,412

$ 362

Accounts receivable, net

133,599

129,194

Current portion of deferred tax assets

13,321

7,607

Prepaid expenses and other current assets

21,012

18,737

Total current assets

176,344

155,900

PROPERTY AND EQUIPMENT, NET

218,547

216,560

OTHER ASSETS

Goodwill

196,395

193,871

Other intangible assets

50,042

51,674

Deferred financing costs, net of current portion

8,735

11,977

Investment in joint ventures

28,949

28,598

Deferred tax assets, net of current portion

39,914

48,535

Deposits and other

3,650

3,749

Total assets

$ 722,576

$ 710,864

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES

Accounts payable, accrued expenses and other

$ 106,316

$ 106,357

Due to affiliates

2,655

1,602

Deferred revenue

1,344

1,273

Current portion of notes payable

3,103

4,703

Current portion of deferred rent

1,896

1,164

Current portion of obligations under capital leases

3,075

3,942

Total current liabilities

118,389

119,041

LONG-TERM LIABILITIES

Deferred rent, net of current portion

18,989

15,850

Line of credit

--

33,000

Notes payable, net of current portion

572,669

537,009

Obligations under capital lease, net of current portion

2,779

3,753

Other non-current liabilities

7,540

8,895

Total liabilities

720,366

717,548

STOCKHOLDERS' EQUITY (DEFICIT)

Common stock - $.0001 par value, 200,000,000 shares authorized;

40,089,196, and 38,540,482 shares issued and outstanding at

December 31, 2013 and 2012, respectively

4

4

Paid-in-capital

173,622

168,415

Accumulated other comprehensive (loss) income

(50)

39

Accumulated deficit

(173,656)

(175,776)

Total RadNet, Inc.'s stockholders' equity deficit

(80)

(7,318)

Noncontrolling interests

2,290

634

Total stockholders' equity (deficit)

2,210

(6,684)

Total liabilities and stockholders' equity

$ 722,576

$ 710,864

RADNET, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(IN THOUSANDS EXCEPT SHARE DATA)

Years Ended December 31,

2013

2012

2011

NET REVENUE

Service fee revenue, net of contractual allowances and discounts

$ 665,307

$ 617,982

$ 554,979

Provision for bad debts

(27,911)

(25,904)

(22,339)

Net service fee revenue

637,396

592,078

532,640

Revenue under capitation arrangements

65,590

55,075

52,481

Total net revenue

702,986

647,153

585,121

OPERATING EXPENSES

Cost of operations, excluding depreciation and amortization

598,655

542,993

477,828

Depreciation and amortization

58,890

57,740

57,481

Loss (gain) on sale and disposal of equipment

1,032

456

(2,240)

Severance costs

806

736

1,391

Total operating expenses

659,383

601,925

534,460

INCOME FROM OPERATIONS

43,603

45,228

50,661

OTHER INCOME AND EXPENSES

Interest expense

45,791

53,783

52,798

Equity in earnings of joint ventures

(6,194)

(6,476)

(5,224)

Gain on sale of imaging centers

(2,108)

--

--

Gain on de-consolidation of joint venture

--

(2,777)

--

Other expenses (income)

228

(3,679)

(5,075)

Total other expenses

37,717

40,851

42,499

INCOME BEFORE INCOME TAXES

5,886

4,377

8,162

(Provision for) benefit from income taxes

(3,510)

55,227

(820)

NET INCOME

2,376

59,604

7,342

Net (loss) income attributable to noncontrolling interests

256

(230)

111

NET INCOME ATTRIBUTABLE TO RADNET, INC.

COMMON STOCKHOLDERS

$ 2,120

$ 59,834

$ 7,231

BASIC NET INCOME PER SHARE

ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS

$ 0.05

$ 1.58

$ 0.19

DILUTED NET INCOME PER SHARE

ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS

$ 0.05

$ 1.52

$ 0.19

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic

39,140,480

37,751,170

37,367,736

Diluted

39,814,535

39,244,686

38,785,675

RADNET, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS)

Years Ended December 31,

2013

2012

2011

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$ 2,376

$ 59,604

$ 7,342

Adjustments to reconcile net income

to net cash provided by operating activities:

Depreciation and amortization

58,890

57,740

57,481

Provision for bad debts

27,911

25,904

22,339

Equity in earnings of joint ventures

(6,194)

(6,476)

(5,224)

Distributions from joint ventures

7,204

6,477

4,993

Deferred rent amortization

3,871

3,608

2,282

Amortization of deferred financing cost

2,286

2,474

2,940

Amortization of bond and term loan discounts

2,279

1,163

244

Loss (gain) on sale and disposal of equipment

1,032

456

(2,240)

Gain on bargain purchase

--

(810)

--

Gain on Sale of Imaging Centers

(2,108)

--

--

Gain on de-consolidation of joint venture

--

(2,777)

--

Amortization of cash flow hedge

--

918

1,225

Stock-based compensation

2,574

2,736

3,110

Changes in operating assets and liabilities, net of assets

acquired and liabilities assumed in purchase transactions:

Accounts receivable

(31,531)

(17,350)

(45,014)

Other current assets

(2,243)

3,565

(3,935)

Other assets

260

(578)

43

Deferred taxes

2,907

(56,142)

--

Deferred revenue

71

197

(492)

Accounts payable and accrued expenses

(3,163)

(5,440)

12,542

Net cash provided by operating activities

66,422

75,269

57,636

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of imaging facilities

(7,223)

(45,493)

(42,990)

Purchase of property and equipment

(48,623)

(44,448)

(42,720)

Proceeds from sale of equipment

635

1,549

325

Proceeds from insurance claims on damaged equipment

--

--

2,740

Proceeds from sale of imaging facilities

3,920

2,300

--

Proceeds from sale of joint venture interests

2,640

1,800

--

Purchase of equity interest in joint ventures

(2,009)

(2,756)

(5,094)

Net cash used in investing activities

(50,660)

(87,048)

(87,739)

CASH FLOWS FROM FINANCING ACTIVITIES

Principal payments on notes and leases payable

(9,764)

(22,223)

(18,756)

Proceeds from borrowings upon refinancing

35,122

344,485

--

Repayment of debt

--

(277,875)

--

Deferred financing costs

(432)

(3,753)

(944)

Proceeds from, net of payments on, line of credit

(33,000)

(25,000)

58,000

Payments to counterparties of interest rate swaps, net of amounts received

--

(5,823)

(6,455)

Distributions to noncontrolling interests

(18)

(71)

(154)

Equity attributable to non-controlling interests

--

(117)

--

Proceeds from issuance of common stock upon exercise of options/warrants

469

--

242

Net cash (used in) provided by financing activities

(7,623)

9,623

31,933

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(89)

63

(2)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

8,050

(2,093)

1,828

CASH AND CASH EQUIVALENTS, beginning of period

362

2,455

627

CASH AND CASH EQUIVALENTS, end of period

$ 8,412

$ 362

$ 2,455

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Cash paid during the period for interest

$ 41,841

$ 47,806

$ 47,310

Cash paid during the period for income taxes

$ 1,142

$ 918

$ 514

RADNET, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(IN THOUSANDS EXCEPT SHARE DATA)

Three Months Ended December 31,

2013

2012

NET REVENUE

Service fee revenue, net of contractual allowances and discounts

$ 168,883

$ 151,369

Provision for bad debts

(7,101)

(6,451)

Net service fee revenue

161,782

144,918

Revenue under capitation arrangements

16,556

14,415

Total net revenue

178,338

159,333

OPERATING EXPENSES

Cost of operations, excluding depreciation and amortization

148,625

137,816

Depreciation and amortization

14,840

14,586

Loss (gain) on sale and disposal of equipment

675

201

Severance costs

494

58

Total operating expenses

164,634

152,661

INCOME FROM OPERATIONS

13,704

6,672

OTHER INCOME AND EXPENSES

Interest expense

11,249

12,866

Equity in earnings of joint ventures

(1,713)

(2,319)

Gain on sale of imaging centers

--

--

Gain on de-consolidation of joint venture

--

--

Other (income) expenses

76

172

Total other expenses

9,612

10,719

INCOME (LOSS) BEFORE INCOME TAXES

4,092

(4,047)

(Provision for) benefit from income taxes

(2,744)

55,923

NET INCOME

1,348

51,876

Net income (loss) attributable to noncontrolling interests

105

(70)

NET INCOME ATTRIBUTABLE TO RADNET, INC.

COMMON STOCKHOLDERS

$ 1,243

$ 51,946

BASIC NET INCOME PER SHARE

ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS

$ 0.03

$ 1.35

DILUTED NET INCOME PER SHARE

ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS

$ 0.03

$ 1.31

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic

39,243,922

38,348,541

Diluted

39,598,285

39,796,132

RADNET, INC.

RECONCILIATION OF GAAP NET INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC. COMMON SHAREHOLDERS TO ADJUSTED EBITDA(1)

(IN THOUSANDS)

Three Months Ended

December 31,

2013

2012

Net Income Attributable to RadNet, Inc. Common Stockholders

$ 1,243

$ 51,946

Plus Provision for (Benefit From) Income Taxes

2,744

(55,923)

Plus Other Expenses

76

172

Plus Interest Expense

11,249

12,866

Plus Severence Costs

494

58

Plus Loss on Sale of Equipment

675

201

Plus Depreciation and Amortization

14,840

14,586

Plus Non Cash Employee Stock Compensation

529

597

Adjusted EBITDA(1)

$ 31,850

$ 24,503

Fiscal Year Ended

December 31,

2013

2012

Net Income Attributable to RadNet, Inc. Common Stockholders

$ 2,120

$ 59,834

Plus Provision for (Benefit From) Income Taxes

3,510

(55,227)

Plus Other Expenses (Income)

228

(3,679)

Plus Interest Expense

45,791

53,783

Plus Severence Costs

806

736

Plus Loss on Sale of Equipment

1,032

456

Plus Loss (Gain) on Sale of Imaging Centers

(2,108)

--

Plus Depreciation and Amortization

58,890

57,740

Plus Loss (Gain) on Deconsolidation of Joint Venture

--

(2,777)

Plus Non Cash Employee Stock Compensation

2,574

2,736

Adjusted EBITDA(1)

$ 112,843

$ 113,602

PAYOR CLASS BREAKDOWN**

Fourth Quarter

2013

Commercial Insurance

58.2%

Medicare

23.3%

Capitation

9.3%

Workers Compensation/Personal Injury

3.9%

Medicaid

3.1%

Other

2.1%

Total

100.0%

**Capitation percentage has been calculated based upon its proportion of cash received in the period to total accrued revenue.

After deducting the capitation percentage from 100%, all other payor class percentages are based upon a proportion to global payments received from consolidated imaging centers from that periods dates of services and excludes payments from hospital contracts, Breastlink, imaging center management fees, eRAD, Imaging on Call and other miscellaneous revenue.

RADNET PAYMENTS BY MODALITY *

Fourth Quarter

Full Year

Full Year

Full Year

Full Year

2013

2013

2012

2011

2010

MRI

36.7%

36.3%

35.5%

35.1%

34.3%

CT

15.5%

15.5%

16.0%

16.1%

17.5%

PET/CT

5.4%

5.6%

5.9%

6.0%

6.1%

X-ray

10.5%

10.5%

10.3%

10.1%

10.1%

Ultrasound

10.9%

11.0%

10.9%

10.9%

11.0%

Mammography

15.8%

15.7%

16.0%

15.9%

16.0%

Nuclear Medicine

1.4%

1.5%

1.5%

1.6%

1.7%

Other

3.9%

3.9%

4.0%

4.2%

3.2%

100.0%

100.0%

100.0%

100.0%

100.0%

Note

* Based upon global payments received from consolidated Imaging Centers from that year's dates of service.

(1) The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, each from continuing operations and excludes losses or gains on the disposal of equipment, other income or loss, loss on debt extinguishments, bargain purchase gains and non-cash equity compensation. Adjusted EBITDA includes equity earnings in unconsolidated operations and subtracts allocations of earnings to non-controlling interests in subsidiaries, and is adjusted for non-cash or extraordinary and one-time events taken place during the period.

Adjusted EBITDA is reconciled to its nearest comparable GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure used as analytical indicator by RadNet management and the healthcare industry to assess business performance, and is a measure of leverage capacity and ability to service debt. Adjusted EBITDA should not be considered a measure of financial performance under GAAP, and the items excluded from Adjusted EBITDA should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted EBITDA is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies.

(2) As noted above, the Company defines Free Cash Flow as Adjusted EBITDA less total Capital Expenditures (whether completed with cash or financed) and Cash Interest paid. Free Cash Flow is a non-GAAP financial measure. The Company uses Free Cash Flow because the Company believes it provides useful information for investors and management because it measures our capacity to generate cash from our operating activities. Free Cash Flow does not represent total cash flow since it does not include the cash flows generated by or used in financing activities. In addition, our definition of Free Cash Flow may differ from definitions used by other companies.

Free Cash Flow should not be considered a measure of financial performance under GAAP, and the items excluded from Adjusted EBITDA should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted EBITDA is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies.

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